USD/JPY Outlook February 6-10

ForexCrunch

Feb. 5, 2012, 7:59 AM

Dollar/yen dipped to low ground and teased the Japanese authorities. Will it repeat these moves or jump higher surge from these lows? Core Machinery Orders is the main event this week. Here's an outlook for the Japanese events and an updated technical analysis for USD/JPY.

Last week Japan showed signs of recovery with better than expected readings in household spending, rising by 0.5% contrary to the 0.1% decline predicted and Prelim Industrial Production jumped 4.0% in November after a 2.7% slide in the previous month, again better than the 2.7% gain anticipated, indicating positive activity in the market. Will this trend continue?